Capital Markets Marching to SOX-less Europe

Updated June 5, 2006 12:01 a.m. ET

Masked in James H. Quigley's May 25 editorial-page commentary "Please Be Patient" was an ugly fact: Few people have a greater pecuniary interest in a complicated and expensive Section 404 implementation than the CEO of one of the four remaining firms capable of rendering audit services in this area. If one of Mr. Quigley's employees found such a conflict of interest at a 404 audit client, you can bet he would have written up a notice of material weakness post haste.